A report released this week by the United Nations World Intellectual Property Organization revealed a strong rebound in global IP filings in the wake of recession.
According to the findings, patent applications grew 7.2 percent in 2010 - the highest growth rate in the last five years and a marked improvement over the 3.6 percent decline experienced in 2009.
"This can help to create new jobs and generate prosperity once macroeconomic stability is restored," the report stated.
Not surprisingly, computer technology, electrical machinery, audio-visual technology and medical technology innovations accounted for the majority of growth experienced. However, when broken down by country, several interesting revelations emerged.
For example, a wave of IP activity suggests that Belgium, India and Switzerland may drive the next boom in the global pharmaceutical industry. Meanwhile, several nations in Southeast Asia experienced double-digit growth in patent filings for the first time ever.
Despite the growing international awareness for intellectual asset management, WIPO director Francis Gurry was careful to stress cautious optimism. As he explained, a sudden deterioration of economic conditions akin to the 2009 collapse could once again stifle innovation.